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Newquay is a well-known and popular seaside resort that has benefitted from significant investment over the past few years. Cumberland Apartments is a modern purpose built block of 45 studio and 1 bed apartments on Henver Road, 5 minutes' walk from Tolcarne Beach. One unit has been sold on a 125 year long lease and the remaining units are let on AST agreements. In addition there are 49 Car Parking Spaces. The current income is £257,460 and the property has an ERV once fully let of £263,460. We are instructed to seek offers of £2,750,000.

Investment Summary - Newquay is a well-known and popular seaside resort that has benefitted from significant investment over the past few years Modern purpose built block of 45 studio and 1 bed apartments One unit sold on a 125 year long lease Remaining units let on AST agreements 49 Car Parking Spaces Total site area c. 0.5 acres. Current income £251,040 ERV once fully let £263,460

Location - Newquay the largest town on the north coast of Cornwall, with a population of some 20,000. It is located approximately 12 miles north of Truro, 50 miles east of Plymouth and 30 miles north west of Penzance. The town is 8 miles from the A30, the main trunk road leading out of the county, and Newquay railway station offers a branch line service to Par, which has direct links to London Paddington. The town is a well known and popular seaside resort, which has benefitted from significant investment over the past few years. Tourism remains a key economic driver for the town, with the population increasing five fold over the summer months.

House prices in the town average £250,000 and the price for apartments averages £195,000 (Zoopla). House prices have increased in excess of 26% over the past five years, with a jump of 12% in the last 12 months (Zoopla).

Situation - The property is situated in a residential area on Henver Road, a moment's walk from the nearby post office. The property also is five minutes walk from Tolcarne Beach, five minutes walk from the nearby Tesco Express and ten minutes walk from Newquay Railway Station and the Town Centre.

Description - Cumberland Apartments is a modern block of 45 self contained apartments of which 13 are one- bed and the remainder are studios. One of the apartments has been sold on a long lease, with the remainder let on ASTs.

The property was built in 2010, originally for the purpose of holiday apartments, however that restriction has now been lifted allowing full residential use. The building is of steel frame construction, with render and wood clad elevations under a pitched roof.

The accommodation is set out over Basement, Ground and three upper floors, with an 8 person lift serving all floors. At basement level there are communal storage and shower facilities as well as administrative/ office space. The apartments range in size from approx 258 sqft to 600 sqft.

In addition there are 49 car parking spaces

Tenancies - We attach a schedule of tenancies to these details.

Planning - The original planning permission was granted for the demolition of the Cumberland Hotel and the construction of 45 apartments with holiday use restrictions. These restrictions were later removed in a Deed of Modification in November 2011 so that the apartments now benefit from unrestricted residential use.

The Section 106 agreements and the Deed of Modification provide for two separate payments to be made as follows:

1. Public Open Space Off-Site Contribution of £3,069 per apartment, payable on the completion of the sale of every 10th apartment.

2. Affordable Housing Contribution of £106,000 payable in 3 instalments £35,333.33 payable on the completion of the sale of the15th, 30th and 44th apartments, or the 12 month, 18 month and 24 month anniveraries of the agreements, whichever are the soonest.

All the above payments remain outstanding.

The Section 106 agreements and the Deed of Modification provide for two separate payments to be made as follows:

1. Public Open Space Off-Site Contribution of £3,069 per apartment, payable on the completion of the sale of every 10th apartment.

2. Affordable Housing Contribution of £106,000 payable in 3 instalments £35,333.33 payable on the completion of the sale of the15th, 30th and 44th apartments, or the 12 month, 18 month and 24 month anniveraries of the agreements, whichever are the soonest.

All the above payments remain outstanding.

Proposal - We are instructed to seek offers of £2,750,000 reflecting an average price per apartment of £62,500 and a gross yield of 9.36%.

Epc - The EPCs for the apartments are within the Energy Efficiency Rating "B"

Vat - The property has not been elected for VAT and therefore VAT will not be payable on the purchase price.

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

VIEWING: Strictly by prior appointment through Miller Commercial.

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